Financial results for the third quarter include:
Comparable store sales increased by 1.1% in the third quarter of 2013 following a 2.3% increase in the third quarter of 2012. Net sales for the quarter were virtually flat at $71.8 million compared to $71.9 million for the third quarter of last year.
Gross profit for the third quarter improved by 240 basis points to 41.6% as compared to 39.2% for the third quarter of the prior year. Excluding fluctuations in the inventory valuation reserve from both years the gross profit improved by 270 basis points.
Selling, general and administrative expenses for the quarter, including depreciation and amortization, remained flat due to increases in advertising and insurance claims, offset by reductions in professional fees and depreciation.
Operating income for the quarter was $0.8 million compared to a loss of $0.9 million in the third quarter last year, representing a reversal of a loss and an improvement of $1.7 million.
EBITDA, a non-GAAP measure, which is defined as earnings (loss) before interest, taxes, depreciation and amortization increased to $2.0 million, a 369% improvement over the same period of 2012.
Net loss improved $1.6 million to $0.6 million, or $0.03 per basic share, in the third quarter of fiscal 2013 compared to a net loss of $2.2 million, or $0.11 per basic share in the third quarter of fiscal 2012.
At quarter end, the Company had outstanding borrowings under its revolving line of credit of $60.0 million, a term loan balance of $15.0 million and outstanding letters of credit of $6.8 million. Additional amounts available to borrow under its revolving line of credit at the end of the quarter were $24.1 million. The balance of the Company’s subordinated debt was $8.2 million at quarter end.
First thirty-nine weeks financial results include:
Net sales for the first thirty-nine weeks of fiscal 2013 were $194.7 million compared to $196.3 million last year and comparable store sales were virtually flat following a 3.6% increase in the first thirty-nine weeks of the previous year.
Gross profit for the first thirty-nine weeks of fiscal 2013 improved by 300 basis points to 43.9% as compared to 40.9% for the prior year. Excluding the fluctuations in the inventory valuation reserve from both years, the gross profit improved 370 basis points.
Selling, general and administrative expenses for the first thirty-nine weeks of fiscal 2013, including depreciation and amortization increased $248,000 but would have come in lower if one-time items that reduced selling, general and administrative expenses by $394,000 in the first thirty-nine weeks of fiscal 2012 were excluded.
Operating income improved by $4.9 million for the first thirty-nine weeks of fiscal 2013 to income of $0.9 million from a loss of $4.1 million for the first thirty-nine weeks of 2012.
EBITDA increased $4.5 million to $4.4 million for the first thirty-nine weeks of fiscal 2013 compared to a loss of $91,000 for the first thirty-nine weeks of last year.
Net loss improved $4.3 million to $3.7 million, or $0.18 per basic share, in the first thirty-nine weeks of fiscal 2013, compared to a net loss of $8.0 million, or $0.40 per basic share in the first thirty-nine weeks of fiscal 2012.
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